v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 18,290 $ 13,826
Restricted cash 38,234 38,661
Accounts receivable, net 555,995 534,858
Other current assets 79,693 72,528
Current assets before funds held for clients 692,212 659,873
Funds held for clients 207,037 175,853
Total current assets 899,249 835,726
Non-current assets:    
Property and equipment, net 81,242 88,163
Goodwill and other intangible assets, net 2,869,790 2,945,470
Assets of deferred compensation plan 186,870 167,170
Right-of-use asset 334,048 393,512
Other non-current assets 38,329 40,842
Total non-current assets 3,510,279 3,635,157
Total assets 4,409,528 4,470,883
Current liabilities:    
Accounts payable 90,934 90,646
Income taxes payable 11,008 0
Accrued personnel costs 197,534 172,759
Contingent purchase price liability 30,035 61,164
Lease liability 64,674 60,549
Total short-term debt [1] 66,372 66,177
Other current liabilities 68,299 78,579
Current liabilities before client fund obligations 528,856 529,874
Client fund obligations 206,738 175,928
Total current liabilities 735,594 705,802
Non-current liabilities:    
Total long-term debt [1] 1,389,552 1,333,755
Income taxes payable 3,009 2,193
Deferred income taxes, net 7,141 10,880
Deferred compensation plan obligations 186,870 167,170
Contingent purchase price liability 10,213 35,803
Lease liability 307,905 372,586
Other non-current liabilities 7,177 62,711
Total non-current liabilities 1,911,867 1,985,098
Total liabilities 2,647,461 2,690,900
STOCKHOLDER EQUITY    
Common stock, par value $0.01 per share; shares authorized 250,000; shares issued 144,654 and 137,945; shares outstanding 54,380 and 50,198 1,447 1,380
Additional paid-in capital 1,830,866 1,791,863
Retained earnings 1,011,566 896,122
Treasury stock, 90,274 and 87,747 shares (1,078,521) (910,601)
Accumulated other comprehensive (loss) income (3,291) 1,219
Total stockholders’ equity 1,762,067 1,779,983
Total liabilities and stockholders’ equity $ 4,409,528 $ 4,470,883
[1] Reflects the net debt for the Term Loan and Revolving Credit Facility with the associated debt issuance costs in short-term and long-term liabilities. See Note 10. Debt and Financing Arrangements for further discussion of the short-term and long-term debt.